Desperately Reading the Fed

There has been some desperate hunting last week for getting a sense of the Federal Open Market Committee’s view on whether the Federal Reserve would make a move to raise interest rates—to return to “normal.” On Monday, Federal Reserve Governor Lael Brainard suggested she did not see a need for a timetable to raise the rate this year and, instead, that policy changes should continue to be on the basis of the data at hand. Actually, while this was treated as new, and some suggested she “rarely speaks publicly,”Governor Brainard said very similar things back in June. She was followed the next day with comments on CNBC from Federal Reserve Governor Daniel Tarullo, who was suggesting a similar sentiment.

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